New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-10-30
AKRON BURRs OLD wooDEN LOGS
HOW ne oUTwrrTED TIE FEDEHALIsTs WITH HIS
WORKS.


WATER WORKS.
Many reople, who have watched the "ofh'uo"
putting down the subway Tubes In lower Hroa"NdH.
have had their curiosity aroused by number OF
hollow los which dug up Thee log are
sort Of monument to an ingenious scheme which was
taken up in the part of the last century by one
of the shrcwdcst politicians OF the age In those Day
there Only two banks In this city, both under INC
control Of the Fcdcralsis, and, 1t was alleged tho
members Of the Republican now Democratic parry
were Disseminated against in discounts. Tho Icpub-
Leans resolved to have bank OF their own, but Wide
spread prejudice against banl- and tho fact that the
Fcderaii.ts had a majority IN tie state Ng-laiuic,
watch alone had The power 10 grant charter H"~
this difficult task. Aaron Burr solved the ITobifm
The yellow fever had been raging IN the city, and the
people became impressed with the ida that IT. prc'd-
loncc due in measure, 10 the bIackl~h water
with which the lower end of Manhattan Island Wa,
supplied Hence they were agtatlng tho question OF
obtaining a supply Of pure and wholesome water
1ns Burr opportunity and In company with sev-
oral others he applied to the legislature Tor charter
ncorloratlng the Manhattan Company. which intended
supply the city with pure water The capital named
in the articles OF incorporation was s2,OO0OOO. The
incolporators gave a for what scored then
an enormous capital for this purpose, that they did not
want 10 rick failure through a lack OF money. Then
they turned around, and saying that tins would owl
IDENTITY be much more capital than would ever DO needed
for carrying ufe waicrworks, they inserted a
iuse In the charter tho effect thai their surplus
capital ght be employed in way not Inconsistent
with the of either the United States the state
of Now-York
Although few Of the Legislators bothered themselves
10 read the Dill IN the senate discovered the
ethiopian In the wOOdpc," and 1t was proposed,
in select committee Of the Senate TO which the bill
referred, TO strike ont this indefinite proposition
Burr. however came 10 its rescue and explained 10
tho committee that tho intention TO establish a
bank East india company or anything else at which
money could be made, thcre would not be enough
money in the watcrwOrks to pay the Stockholders
for their trouble This explanation appears to have
been satisfactory, and the charter granted.
The company then established It's bank which
has grown to the present bank of the Manhattan Com
many now at No. 40 Wall Il. The establishment Of
the bank by this scheme which was denounced H. u
nnlitica trick raised storm OF public Indignation and
the Fedc rasts In consequence suffered considerably
ln the election which followed soon after.
About the same time the company proceeded
carry out the ostonsible object Of the charter.
Machinery was put up In Rcadc-st., few doors north
east Of the City Hail. and the wafer drawn from deep
wells and springs forced up To a reservoir III
Chambcrs-st some fifteen feet above the level OF
charge Of $40 year on each building was
made for the of the water and " was distributed
through the hollow logs which the subway wOrkinen
hay brought to light.